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Yesterday, Finance Minister Bill Morneau announced new parameters for big businesses to meet to qualify for the federal government’s new loan program, the Large Employers Emergency Financing Facility (LEEFF).

providing the federal government with the option to purchase common shares or cash equivalents

give the federal government the right to appoint an observer over its board of directors

LEEFF is available for firms with more than $300 million in annual revenues. Minimum loans through LEEFF will be $60 million and there is no maximum, but each case will be assessed based on companies’ individual circumstances. Loans will be for one year.

Other details, as announced by Morneau, include that:

20 per cent of the value of loans will be secured through existing lenders

80 per cent of the value of loans will be unsecured with a 5-per-cent interest rate in the first year

the interest rate of the unsecured portion rises to 8 per cent in the second year and 2 per cent every year after

repayment of the unsecured portion of the loan is required in five years

Canadians are now recommended to wear masks that cover their mouth and nose in situations where physical distancing isn’t possible.

Canada’s public health lead, Dr. Theresa Tam, gave that advice Wednesday during her regular media availability in Ottawa, saying that her past reluctance to suggest people wear masks has been changed thanks to new information about people who may be carrying COVID-19 without showing symptoms. Prime Minister Justin Trudeau said on Wednesday that he will start wearing a mask in situations where he’s in close proximity to others.

“That’s my personal choice. I think that’s what is aligned with what public health is recommending,” Trudeau said.

All 50 U.S. states are now reopening, to varying degrees, as most Americans were entering their third month of being either encouraged or forced to stay at home. (New York Times)

With many wealthy nations like the U.S. coming out of lockdown, the coronavirus has begun to spread more widely in less affluent countries, which on Wednesday contributed to the most cases recorded in a single day worldwide during the pandemic so far. “We still have a long way to go in this pandemic,” World Health Organization director general Tedros Adhanom Ghebreyesus said. “We are very concerned about rising cases in low- and middle-income countries.” (The Guardian)

In the race to develop a vaccine multiple companies’ candidates hit promising milestones this week. Inovio and Pfizer have begun early tests in people to determine if their vaccine is safe; researchers at the University of Oxford are also testing in humans; Moderna has seen encouraging results in its safety trial in eight volunteers; and researchers at Beth Israel Deaconess Medical Center published research showing their prototype protected monkeys from infection from the new coronavirus. Progress has brought about a wave of optimism that a vaccine, or more than one, could be ready sometime next year. (New York Times)

Tensions between the U.S. and China reached a tipping point on Wednesday, with Chinese state TV mocking Secretary of State Mike Pompeo with an animated “credibility test” being answered by Trump lashing back at China, saying it was responsible for the “mass worldwide killing” of COVID-19. China seemed to be antagonized by Pompeo’s congratulatory messages to Taiwanese President Tsai Ing, who China refuses to recognize as the sovereign leader of the state. (Washington Post)